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A Beginners Guide To Laws

What Is Business Law?

Company law is the other term for business law. It is a type of law that entails both private and public law. Private law governs individuals in the contract while public law governs the behavior of individuals in a society. Public law affects the entire society while private law only affects the parties to a contract. When we say parties to a contract, we mean all the people in a contractual relationship.

A contractual agreement has various elements. An attempted definition of these terms follows. An offer is the agreement by which parties accept to act as required by the contract. The consent given to act according to the offer made is known as acceptance. A consideration is the willingness of the parties to act with consideration of the law. Mutuality of obligation binds individual to undertake in the requirement stated by the contract. Parties should …